CMH
CMH
CMH - Combined Motor Holdings Limited - Change to the board
Combined Motor Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1965/000270/06)
Share code: CMH ISIN code: ZAE000001541
CHANGE TO THE BOARD
Maldwyn Zimmerman, executive chairman of retail group Combined Motor Holdings
("CMH") announced today that he was stepping down from his executive role and
would assume the position of non-executive-chairman with immediate effect.
Zimmerman (72) has spear-headed the Group since its inception in 1976 and
recorded that he was proud of what the Group had achieved over the past 30
years. CMH listed on the JSE in 1987 with revenue of R148 million. The year to
February 2007 showed revenue of R9 billion and net profit of R194 million.
Zimmerman advised that he leaves a very capable executive team which is well-
equipped to continue the Group`s success.
In December 2006 CMH concluded a Black Economic Empowerment deal with Thebe
Investment Corporation in terms of which Thebe acquired a 15% equity stake.
Following Zimmerman`s move, the board comprises five executive directors`,
headed by CEO Jebb McIntosh, and five non-executive directors. Of these, three,
including two females, are from a historically disadvantaged background. The
Group`s audit/risk assessment committee comprises John Edwards and Zee Cele, and
Zimmerman will join Edwards on the remuneration committee.
17 October 2007
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Registration number 1970/003711/07
Date: 17/10/2007 10:18:35 Produced by the JSE SENS Department.
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